Investment Corporation of Dubai, the primary investment arm of the Dubai government, has transferred its entire stake in Emaar Properties to a wholly-owned subsidiary of Dubai Holding.

A total of 22.2723% of the total issued shares has been offloaded to Emirates Power Investment, making Dubai Holding group the largest shareholder in the company, the Burj Khalifa developer confirmed on Monday.

“The Investment Corporation of Dubai no longer holds any shares of Emaar Properties,” Emaar said.

Following the completion of the deal, Dubai Holding’s stake in Emaar has increased to nearly a third, or 29.73%.

The transaction marks a strategic reshuffling of state assets between two major investment entities in the emirate. Dubai Holding has a diverse portfolio in hospitality, retail and technology.

(Writing by Cleofe Maceda; editing by Brinda Darasha)